Bitcoin News Today: Scammers Target Stablecoins as Crypto Fraud Losses Hit S$81.6M in Singapore

Singapore lost S$456 million to fraud in the first half of 2025, according to data released by the Singapore Police Force. This represents a decline of approximately S$66 million compared to the same period in the previous year. The number of fraud and cybercrime cases also decreased by 21.5%, totaling 22,476 cases compared to 28,625 in the first half of 2024. Despite the overall decline in fraudulent activities, losses attributed to cryptocurrency-related scams remained a significant concern, accounting for nearly 18% of total losses, or S$81.6 million [1].

The Anti-Fraud Command reported that it managed to recover S$56.7 million in fraudulent funds during the period, including S$17 million in cryptocurrency. Additionally, the agency worked with partners to prevent S$179 million in potential losses, highlighting the effectiveness of collaborative efforts in mitigating the impact of scams. These figures indicate that while the volume of fraud is decreasing, the value of individual losses is still high, particularly within the digital asset space [1].

Cryptocurrency-related losses were primarily attributed to three major assets: Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). Together, these accounted for 91.2% of total cryptocurrency fraud losses. Specifically, Tether accounted for the largest share of losses at approximately S$46.8 million, followed by Bitcoin at S$20 million and Ethereum at S$7.6 million. This distribution suggests that stablecoins are becoming increasingly targeted by scammers, likely due to their perceived ease of conversion into fiat and their use in cross-border transactions [2].

The demographic profile of cryptocurrency scam victims in Singapore also reveals key insights. Most victims were aged between 30 and 49, a group typically more engaged with digital finance and investment platforms. The most common types of scams in this category included job hunting fraud, investment scams, and impersonation of government officials. Scammers often guided victims through processes to open cryptocurrency accounts or tricked them into revealing private information, such as seed phrases or by directing them to phishing links [2].

These trends underscore a growing need for public awareness and education on the risks associated with cryptocurrency transactions. The Singapore Police Force has increasingly emphasized the importance of verifying the legitimacy of online opportunities and urging individuals to safeguard their digital assets. While the overall fraud figures are declining, the high proportion of cryptocurrency-related losses suggests that this area requires continued regulatory and educational focus [1].

Source:

[1] PANews (https://www.panewslab.com/en/articles/cb7a5b02-75f9-4d74-9248-7ffb0233b9ee)

[2] Odaily Planet Daily (https://www.odaily.news/en/newsflash/446887)